[SMM Magnesium Morning Meeting Summary: Magnesium Prices Remain Firm at Highs Supported by Costs] The current magnesium ingot market is showing an upward trend at highs. Amid the high-temperature weather, the cost support for magnesium ingots has strengthened, and magnesium products are fluctuating at highs following the price of magnesium ingots.

[SMM Analysis: June 2025 Magnesium Export Review: Market Contraction Continues] China's magnesium exports showed mixed trends in June 2025. While magnesium ingot exports rose 14.4% month-on-month to 20,393 tonnes, they remained 9.6% below 2024 levels. First-half exports totaled 122,021 tonnes, down 10.6% year-on-year. The Netherlands saw a 55.7% annual decline to 3,110 tonnes, while India grew 29.5% to 2,719 tonnes. Weak European demand and new Chinese tax regulations effective October 2025 are reshaping export patterns. The market faces continued pressure from production cuts, slow alloy adoption, and geopolitical uncertainties, maintaining a weak supply-demand balance.

[SMM Magnesium Morning Meeting Summary: Raw Material Prices Remain Steady, Magnesium Ingot and Alloy Prices Rise Slightly] Today, the ex-factory price (tax not included) of dolomite in Wutai area is 78 yuan/mt for 1-3 material and 128 yuan/mt for 2-4 material. The mainstream ex-factory price of 75 ferrosilicon in Shaanxi is 5,600-5,700 yuan/mt. The transaction price of Fugu magnesium ingot is 16,400-16,500 yuan/mt, up 150 yuan from the previous day. China's FOB offer is $2,245-2,325/mt. The tax-included ex-factory price of magnesium alloy is 18,000-18,100 yuan/mt, with an FOB price of $2,490-2,520/mt. The tax-included ex-factory price of magnesium powder is 17,650-17,750 yuan/mt, with an FOB price of $2,400-2,460/mt. Overall, the raw material market is operating steadily. Magnesium ingot and alloy prices have risen slightly due to cost support, but demand remains sluggish, and the market maintains a weak balance.

This week's magnesium market maintained a weak supply-demand balance, with prices moving in a narrow range. The mainstream 90% magnesium ingot price settled at RMB 16,300/ton, showing a dip-and-rebound pattern during the week as producers defended prices amid low inventories. Magnesium alloy prices ranged between RMB 17,900-18,000/ton while magnesium powder traded at RMB 17,550/ton, both tracking the downward trend of raw materials with tepid market activity. Dolomite prices remained stable with sufficient inventory at major production bases and reduced freight costs easing cost pressures. Domestic buying was mainly need-based, while export demand saw improved purchasing from Japan/Korea but continued European hesitation. The market is expected to maintain this range-bound pattern in the near term.

[SMM Magnesium Morning Meeting Summary: Magnesium Prices Hover Near the Bottom, with the Tug-of-War Between Cost Support and Weak Demand Continuing] Currently, the magnesium ingot market is fluctuating rangebound. Market supply remains low, and purchasing enthusiasm is gradually declining. Overall, under the combined influence of cost support and weak demand, it is expected that magnesium ingot prices will maintain a stable operation pattern in the short term.

Since July, high temperatures have swept across most parts of the country, driving electricity consumption to record highs. Additionally, amid the significant increase in energy consumption such as electricity and water use, the persistent heatwave has inevitably driven up the hidden costs of enterprises.

[SMM Analysis: Heatwave Hits, Smelters' Hidden Costs Rise, Magnesium Prices Gain Stronger Bottom Support] Since July, the heatwave has swept across most parts of the country, driving electricity consumption to record highs. Additionally, while energy consumption such as electricity and water usage has surged significantly, the persistent heatwave has inevitably driven up the hidden costs of enterprises.

[SMM Spot Magnesium Ingot Report: Sluggish Trading in Both Domestic and Foreign Markets, Magnesium Prices Drop Back Slightly] SMM reported on July 16 that today's magnesium ingot quotes in the Fugu area ranged from 16,150 to 16,250 yuan/mt, down 50 yuan from the previous trading day; China's FOB prices ranged from $2,240 to $2,300/mt, down $10. With weak demand in both domestic and foreign markets and sluggish trading, magnesium prices may remain in the doldrums in the short term.

[SMM Magnesium Morning Meeting Summary: The stalemate in the magnesium market continues, with strong wait-and-see sentiment] The current magnesium ingot market is characterized by a mixed situation of bullish and bearish factors: On the one hand, as raw coal prices have ended their downward trend and begun to rebound, coupled with the stability of other raw material prices, the cost support for magnesium ingot production has strengthened; On the other hand, both supply and demand in the market are weak, with purchasing and supply enthusiasm declining simultaneously. Overall, under the combined influence of cost support and weak demand, it is expected that magnesium ingot prices will maintain a stable operation pattern in the short term.

[SMM Spot Magnesium Ingot Bulletin: Sluggish Transactions, Magnesium Prices Under Pressure Today] SMM reported on July 15 that magnesium producers offered firm quotes today, with magnesium prices rising slightly. The market quotes for magnesium ingots in the Fugu region were 16,300 yuan/mt, with mainstream transaction prices ranging from 16,150 to 16,200 yuan/mt, down 50 yuan/mt from the previous working day. There was an increase in the availability of lower-priced goods.